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few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago, i had to personally get on my knees with carol, to help convince limb it stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families. in serving the country. the fact is, while a lot of work remains, especially to rebuild a strong middle class and offer working folks new pathways to rise into the middle class, our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. so i understand that tim is ready for a break. obviously we're sad to see him go. but i cannot think of a better person to continue tim's work at treasury than jack lew. this is bitter sweet, not only because tim is leaving. but also because jack's been my chief of staff for the last yea
few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago, i had to personally get on my knees with carol, to help convince limb it stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families. in serving the country. the fact is, while a lot of work remains, especially to rebuild a strong middle...
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tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 an
tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue,...
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and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finished in
and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the...
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. >> role of tim geithner as taeshry secretary is nearing the end. we are learning more about the president's likely pick to replace him. john harwood joining us from washington. john, what can you tell us about jack lew? >> brian, jack lew is currently white house chief of staff. serving in a very low key way in that capacity. he is a long time government servant. former aid to tip o'neill. he has experience at all of the issues coming up before congress. he has experience as hillary clinton's chief of staff. he will leave a void that in replacing rom emmanuel. who is very valuable and controversy. but jack lew is opposite of that. he thinks he las the set of skills he needs among candidates to replace jack lew as chous chief of staff. one source tells me set leading candidate. we will see if that announcement is made tomorrow as is jack lew for treasury. >> if jack lew is secretary treasury, it'll look something like this, whatever that is. accidentally, tim geithner had a different signature but changed it for the green back. ma maybe jack lew wil
. >> role of tim geithner as taeshry secretary is nearing the end. we are learning more about the president's likely pick to replace him. john harwood joining us from washington. john, what can you tell us about jack lew? >> brian, jack lew is currently white house chief of staff. serving in a very low key way in that capacity. he is a long time government servant. former aid to tip o'neill. he has experience at all of the issues coming up before congress. he has experience as...
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. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was somebody who
. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or...
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treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that work? >> the treasury secretary does have broad discretion over specifically platinum coinage, the size of it, the denomination and so forth. a lot of people frustrated with the debt ceiling, it looks like the same thing in 2011, second time we don't think the debt ceiling is something to be used for a negotiating point, they're excited this could be a way to get around it. >> we showed that provision there. michelle and i were saying, this reminds us of zimbabwe. wouldn't this cause run away inflation? >> that's what people usually say, but it's important to make a distinction. in countries that se
treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that...
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i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital invested in that company more than three years ago so how does spark know which start-ups are the winner? we'll talk to the founder and managing partner live after the break. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> as initial investors of hot start-ups seeks that spark capital has a knack for predicting the next big thing but after a rocky fac
i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital...
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succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle
succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good....
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tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless transition with the president's nominee jack le
tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex,...
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. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps...
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that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington p
that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the...
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the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be right. but i think the g.o.p. is now migrating towards the spending sequester. including the defense and national security cuts. we're going to debate that in a few moments with general mccaffrey. but i think the gop is migrating there. i think that is exactly the right thing to do. and it shows a little bit of courage. and i think this letter from the four senators today, keith, all it says is waw waw waw we don't want to cut spending. >> that's what john boehner says. interesting rates are low now, inflation is low now. we're still recovering from an economic crisis. this is not the ti
the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be...
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there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an example of what not to do. they chose revenues at a state level, didn't deal with the underlying spending drivers and what happened? higher than average unemployment, more per capita debt than any other state in the union almost and been downgraded twice. $7 billion in unpaid bills after the revenues come in. so i'm sensing just in talking to a lot of colleagues today and over the past couple of days a higher level of interest in going much further than they have ever gone before. >> last one, are all revenues off the table as far as you and the house leadership is concerned? >> yeah, that is old news that is n
there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an...
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how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about here is the -- let me go to my notes. the stimulus was done -- but sustained growth was not. frank dod basel iii was not done. aig also done. what is the geithner model? what is the geithner doctrine? i think you can say like this, overwhelming government force when it's clear it's needed. b in a crisis, spend, regulate and guarantee and do it with conviction. let's talk about one of the things left over from the geithner years, which is going to be the issue of debt and deficit. i think you would say there was some accomplishment when it came to getting some of these deals
how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about...
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then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high pra
then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified....
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i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seein
i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >>...